3. HRSR 11-06-2017 - Laserfiche WebLink

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.-.' .., h1 ......, Request for Action River To Item Number Housing and Redevelopment Authority 3 Agenda Section Meeting Date Prepared by Special Meeting November 6,2017 Amanda Othoudt, EDD Item Description Reviewed by Trunk Highway 10 and Main Street Redevelopment Cal Portner,City Administrator Plan Reviewed by Action Requested Hear presentation for Trunk Highway 10 and Main Street Redevelopment project. Background/Discussion The City Council discussed the Independent School District property at their July 3,2017,work session, and subsequently the HRA and the EDA to discuss potential uses,impacts to downtown businesses and traffic,possible opportunities and/or identify possible longer-term goals for the area. The district received two offers on the building. Both offers fell through and the building went back on the market for sale. Earlier this month, staff attended the Minnesota Commercial Association of Real Estate Expo and presented the opportunity to redevelop this site to developers and general contractors who showed an interest in a large scale project. Staff met with all property owners within the proposed 3.21 acre project area to discuss long-term goals for the area and a potential to redevelop downtown Elk River. Staff has developed a Request for Proposal for a high density,mixed use,market rate residential development that would attract specific groups such as artists or entrepreneurs.The project would include an Innovation Center or Collaborative Workspace designed for the needs of growing small businesses and entrepreneurs in partnership with the Central MN Jobs and Training Center and the Small Business Development Center. Structured above and below ground parking will address the increased parking demands resulting from the development as well as maintaining all existing parking downtown. High quality public or quasi- public greenspace would also be incorporated into the development at ground level or on the rooftop. Preference will be given to projects that incorporate LEED Certification into their proposal.The project would be broken out into two separate phases to accommodate the long term plans for Elk River Meats. All property owners are supportive of the proposed redevelopment project. Financial Impact The land acquisition and assembly costs associated with the purchase of the ISD #728 property,First National Bank property and the Elk River Meats could be funded by the City Development Fund.The The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional rER Ea 1 rservice, and communityengagement that encourages and inrpirer prnnrperity ATU��